A V8 Supercars statement said that Skaife will now take on the role of ‘Strategic Business Development’, as well as advising the Board.

It is yet to be confirmed whether Skaife will continue in the V8 Supercars TV commentary role that he has held since 2009.

“I am enormously proud and honoured to be the very first Commission Chair and of the incredible success of the new generation product which has led to the best racing in history,” he said of stepping down from the Commission.

“The Commission has worked diligently to guide V8 Supercars through the Car of the Future introduction and in making decisive sporting recommendations to the Board.

“At times there has been robust and passionate debate but that has led to significant outcomes, making the Commission a critical part of the overall Governance of the sport.

“I thank each and every member of the inaugural Commission for their support of me as Chairman; and of the professional and meticulous work it has done.

“I look forward to stepping up within V8 Supercars in a broader strategic and business development role to assist James (Warburton, CEO) and the Board through the next stage of growth.”

Potential new candidates for the Commission Chairman role are currently unclear, with considerable knowledge of both the sport’s business and technical facets thought to be key attributes.

The Independent Commission member position, which has been held by Chris Lambden since its establishment in 2011, will also be the subject of an October election.